OilVoice - Ascent Resources Announces Result of Gazzata-1 Well in Italy's Po Valley

Ascent Resources Announces Result of Gazzata-1 Well in Italy's Po Valley

Tuesday, June 16, 2009

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl, is preparing to plug and abandon the Gazzata-1 well in Italy's Po Valley.

The Gazzata-1 well reached a total depth of 2,840m and despite drilling a series of sand and shale sequences, the interpretation of the wireline logs that were run yesterday did not indicate the presence of commercial gas reserves. Otto Energy of Australia, through their farm-in agreement with Ascent, have earned a 50% working interest in the future exploration of the 728 square kilometre Cento and Bastiglia permits by funding the cost of the well. Gazzata-1 was drilled with the HH-200 rig of Perazzoli Drilling (22.5% Ascent owned), on schedule and within budget.